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Tuesday, May 22, 2012

Video- Obama's Big Bain Backfire: Bain Created More Jobs Than Obama's Stimulus Has

By Susan Duclos

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ABC News reports that "Obama Campaign Does Damage Control After Dems Question Anti-Bain Strategy," where they explain how Obama has divided his own party who disagree with the strategy of attacking free market enterprise.

The Obama campaign is in full damage-control mode one day after Newark Mayor Cory Booker publicly derided Democrats’ assault on presumptive GOP nominee Mitt Romney over his record at Bain Capital.

Booker was the latest Democrat and Obama supporter to come out against Obama's line of attack against Mitt Romney. ABC News points to Obama's former economic adviser Steven Rattner, who last week made similar comments as Booker and and calling a new Obama campaign TV ad attacking Romney’s role in the bankruptcy of a Bain-owned steel company “unfair.”

“Bain Capital’s responsibility was not to create 100,000 jobs or some other number. It was to create profits for its investors,” Rattner said.  ”‘It did it superbly well, acting within the rules, acting very responsibly. … This is part of capitalism, this is part of life. I don’t think there’s anything Bain Capital did that they need to be embarrassed about.”

The last paragraph of the ABC News report is perhaps the best recommendation for Romney as President in 2012 and it comes from  Obama campaign spokeswoman Lis Smith:

"Mitt Romney’s partners, employees, and top supporters have all been clear: his tenure at Bain Capital was about creating wealth for himself and his investors, not creating jobs.  Those are the very same economic values he’d bring to the presidency..."

Think about that for a second. Romney's "job" with Bain was to make money for himself and his investors and Obama's attacks against him are for being good at his job!!!  Obama's attack is a direct attack against capitalism.

Now imagine if Romney was given the "job" to create wealth for the United States of America by being voted in as President. Team Obama admits Romney is good at his job, therefore it stands to reason Romney would be just as good in turning the economy around by making America money.

Everyone agrees, even Obama, that Romney is good at making money.

 The side benefit of Romney's ability to "create wealth for himself and his investors" was a creation of jobs for the companies that Bain was able to turnaround.

Bain's successes include but are not limited to; Domino’s Pizza, Sealy, Brookstone, The Sports Authority, Burger King, Burlington Coat Factory, Dunkin’ Donuts, and Toys "R" Us.

Obama would rather focus on the companies under Bain that did not succeed and exact totals are impossible to calculate but what is not in dispute is that under Romney's tenure the successes gave Bain a net gain in job creation.

If we were to apply the same standard to Obama as he is attempting to apply to Romney, then Obama's claims of "saving/creating" jobs is offset by the amount of jobs lost under his stimulus plan.

A of May 2011, according to a 36 page report, by economists Bill Dupor and Timothy Conley, who have analyzed the effects of the American Recovery and Reinvestment Act aka Obama's stimulus package and concluded that while 450,000 state and local government jobs were created/saved, one million private sector jobs were destroyed/forestalled as a direct result of the stimulus package.

Obama's record therefore is a net loss of 500,000, half a million, jobs.

You can see the charts, graphs and details for yourself in the 36 PDF report, they listed alternate methods of computing in it, other economists projections, etc...

Bain Capital, despite any losses, has created more jobs than the Obama administration and Obama spent over  $825 billion to lose those jobs, while Romney and Bain created the net job gain and made money.

The Romney campaign has produced a campaign ad which highlights Obama supporters, former Obama administration officials and politicians within Obama's party, criticizing Obama's attack against Bain and Romney.


Obama’s attacks on free enterprise have triggered a backlash among many—even among those in his own party. In just the past few days, everyone from former advisors to his own surrogates have criticized the Obama campaign’s attack on free enterprise. With no record to run on, it is no surprise that the Obama campaign has resorted to misleading attacks that have been disavowed by its own supporters.